Huobi Group Picks Singapore as Regional Headquarters

The crypto exchange has already moved significant parts of its operations to the city-state.

AccessTimeIconNov 30, 2021 at 9:38 a.m. UTC
Updated May 11, 2023 at 4:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Huobi Group, the corporation behind crypto exchange Huobi Global, has picked Singapore to set up its regional headquarters, the company told CoinDesk.

  • A Huobi representative told CoinDesk via WeChat that the headquarters will manage operations for Southeast Asia, but refused to comment on whether it will be the only region that will fall under the office’s purview. Bloomberg reported that the headquarters are for the entirety of Asia, quoting Huobi’s co-founder Du Jun.
  • Since May, Huobi has moved much of its staff to the Singapore office after the Chinese government announced a crackdown on crypto trading. Du Jun had also relocated to the city-state, while the other co-founder, Leon Li, is still in China, the company said. Li is reportedly subject to border restrictions by the Chinese government.
  • Huobi had said that it will expel all Chinese users by the end of the year to comply with Chinese regulations.
  • The Singapore office will not serve any Singaporean customers, Huobi told CoinDesk. It will operate under Huobi International Pte., of which Li is a majority shareholder, Bloomberg reported. Atlas Value and venture capital firm Zhen Fund are also shareholders, according to the report.
  • Huobi Tech, a Hong Kong company that is also founded by Li but is a separate legal entity, has set up a subsidiary, Huobi Singapore, to serve local users. The entity, Feu International, has applied for a digital token payment license from the Monetary Authority of Singapore.
  • Huobi will set up another base in “France or the U.K. in 2023,” Jun reportedly told Bloomberg. A Huobi representative confirmed that the company is “considering setting up regional headquarters around the world as the business grows,” adding that they have not yet decided on any specific cities.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.